AFSA’s installment lending executives visit Capitol Hill

The American Financial Services Association (AFSA) held its annual Installment Lenders Summit and Congressional Fly-in this week as 22 executives from 16 companies visited Congressional offices on Capitol Hill.

AFSA members visited a variety of Senate offices and House offices. Most AFSA members visited four offices Wednesday afternoon. Many other associations and groups were also visiting their Congressional reps as the “halls of Congress” were packed with visitors, lobbyists and staff people.

The main purpose of the Congressional visits was the education of members of Congress and their staffs on the benefits of traditional installment lending and its positive economic impact for their constituents and their communities.

But the education went beyond members of Congress to include the Consumer Financial Protection Bureau (CFPB) and representatives of the Trump Administration’s National Economic Council (NEC).

Kathy Kraninger, the recently-confirmed Director of the CFPB, attended the Summit’s Wednesday morning program which included speakers and presentations from inside and outside of AFSA.

Kraninger’s “Listening Session” focused on AFSA member executives walking her through their business models, and the numbers of employees, branches and states they operate in, plus general reasons why they’ve been successful in making small loans for generations.